Wells Fargo is an American multinational financial services company. It has corporate headquarters in San Francisco, California, and operational headquarters in Manhattan. The company’s managerial offices exist throughout the United States of America as well as overseas. The bank offers banking services to its subscribers. These include checking accounts, savings accounts, credit cards, debit cards, among others. But can I transfer money from Wells Fargo to another bank?
Well, you have come to the right place where you will get the correct answer as to whether you can move money from Wells Fargo to another bank either within the United States or outside. Most banks allow you to move money from one institution to another, although it takes several days for the funds to reach the other bank.
Even though it takes longer for funds to move from one bank to another, some services facilitate instant transfer of funds between banks. For example, Zelle is a popular money transfer app that allows you to transfer money instantly between banks. The concerned banks must support the app for the instant transfer to succeed. In our case, Wells Fargo works with Zelle, and you will see how shortly.
Method To Create A Wells Fargo Account
Since Wells Fargo is a bank like any other, the requirements of opening a bank are similar to those for other banks. The federal government requires that you avail the following things when opening a bank account.
- Social Security Number (SSN).
- Physical address
- Phone number
- Identification documents such as a driver’s license, Government Identification card, or passport
- Email address
The Social Security Number and the identification document ensure that only genuine people open bank accounts. It helps to prevent terrorists, money launderers, and other types of fraudsters from opening bank accounts to fund their evil activities. Such criminals can misuse the Wells Fargo international money transfer services to move money across borders. Details such as your phone number and your physical address are entirely for communication in case of any need.
You can open a Wells Fargo bank account online using your smartphone or computer. Online account application is straightforward. There are three main steps to opening a Wells Fargo account. They include:
- Providing your personal information
- Customizing your account
- Making your first deposit
These include your full legal names, the Social Security Number, identification document, citizenship, and contact information. Once you submit the detailed application, you will receive a message telling you the status of your account application. However, teens between 13 to 17 years opening Clear Access Banking, Everyday Checking, or Portfolio by Wells Fargo must open their accounts at a branch.
Ways To Transfer Money From Wells Fargo To Another Bank
It is important to understand how you can transfer money from Wells Fargo to another bank since there comes a time when you need to carry out such a transfer. The following are ways you can transfer money from Wells Fargo to another bank.
1) Through ACH Transfers
Automated Clearing House (ACH) is a system of money transfer in the US that allows you to transfer money from one bank to the other via direct deposit. The system is common with employers for direct deposits, payroll, and vendor payments.
Wells Fargo is one of the largest ACH transfer platforms and processes more than six billion ACH transactions every year. The good thing with Wells Fargo ACH transfers is that you can easily cancel erroneous transfers and get back your money.
ACH transfers have the following benefits.
- Lowers processing costs
- Are flexible to initiate, verify, reverse, as well as delete transactions.
- Low exposure to check fraud.
- The tax, payroll, and vendor payments are simple.
- Has cash concentration services to leverage extra balances.
2) Use Zelle
Zelle is an instant money transfer service that allows you to transfer funds from one bank to another. You can also use Zelle to transfer money to account holders of Wells Fargo instantly. However, you can send money with a checking account number instantly to other Wells Fargo account holders. It saves you from the long waiting for many days for your funds to reflect in the other bank account.
As I mentioned earlier, the two banks must support Zele for the transfer to go through. Once you send money Via Zelle, the Zelle recipient automatically gets the funds in their bank account so long as they have enrolled.
To enroll in Zelle’ you need an email address or U.S. mobile phone number plus an enrollment with Zelle through Wells Fargo Online. Interestingly, Zelle has a stand-alone app whereby you can receive money and utilize them once you add an eligible debit card.
3) Use Western Union
Western Union is among the most secure money transfer platforms that allow you to move money from one country to another. If you have money in your Wells Fargo that you need to move to another bank either within the US or overseas, you can do so online or at any Western Union branch.
Creating a Western Union account is straightforward. You only need to create it using the necessary procedure and verify your account using your identification document. After that, choose an amount and the destination you would like to send the money to. Next, choose a bank account as the method to receive the money. After that, enter the recipient’s bank details to move money directly to their bank account.
Once you have entered the recipient’s details, choose the bank as the method to pay for your transaction, then enter your Wells Fargo details as per the directive, confirm, then send. You can track the transaction online in your account. Money sent via Western Union arrives within a few minutes unless there are technical errors. You can track the transaction using the tracking number (MTCN).
It is safe to transfer money via the Western Union app other than online. If you are ready to start, you can download the app from the Google Play Store or App Store. Western Union also helps you to send money to someone without a bank account since you can transfer money at a physical location by presenting cash to an agent and giving them with recipient’s details.
4) Via MoneyGram
You can also transfer money from Wells Fargo to another bank via MoneyGram. You can begin by signing up for a MoneyGram account before proceeding. Once your MoneyGram account is ready to use, you can then select the recipient or send it to someone new. Next, choose direct transfer from your Wells Fargo account to the recipient’s bank account.
After that, enter the recipient’s full name and bank account information, then review and confirm the transaction. The recipient will need to do nothing as the money will automatically reflect in the recipient’s bank account. MoneyGram is reliable and convenient. Furthermore, it is global since you can move money to various parts of the world.
5) Use Wise
Wise works well with Wells Fargo, and you can use its wire transfer services to move money from your Wells Fargo account to another bank. You can move money within the US or to overseas recipients.
It, therefore, becomes convenient for an American immigrant to send money to family and friends back home. Wise is a very convenient way to transfer money from one bank to another at a low cost.
Can I Reverse A Wrong Transaction At Wells Fargo
Wells Fargo allows you to cancel a wrong transaction online and especially when using a wire transfer service. Alternatively, you can call 1-800-TO-WELLS (1-800-869-3557) or visit the nearest Wells Fargo branch.
Does Wells Fargo Support Cash App
You can add money from your Wells Fargo account to the Cash App to use for various kinds of transactions. Cash App is a digital payment platform that allows you to move money across users. It operates like other online platforms such as PayPal and Venmo, only that it does not support international transfers other than between the US and UK.
Final Verdict
Wells Fargo is a global payment service that mainly operates in the US. You can open an account online or at a physical branch. Children between 13-17 years must open checking accounts at physical branches. You can transfer money from Wells Fargo to another bank in various ways. The ACH transfer is the most appropriate method of money transfer since you can transfer money to international recipients.
